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French Government Slams Sanofi Over Brandicourt Pay Package

By

Ed Silverman

Feb 24, 2015 10:43 am ET

Olivier Brandicourt has not even begun his new job as Sanofi chief executive, but already the drug maker is encountering criticism. The French government is apparently incensed that Sanofi plans to give him a one-time ‘golden handshake’ worth about $4.5 million, in addition to a compensation of approximately $4.7 million a year.

In an interview with a French radio station, government spokesman Stephane Le Foll called the payment “incomprehensible… These people, when they have hardly taken the reins of a company, which is to say they haven’t yet taken any risk, are already assured to get a disproportionate package.”